KAZ Minerals
A formerly London-listed copper producer whose principal mining operations were located in Kazakhstan and Kyrgyzstan.
Last updated August 26, 2026
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Overview
KAZ Minerals was a London-headquartered mining company focused primarily on copper production in Kazakhstan and Kyrgyzstan. The business developed from the assets and corporate structure associated with Kazakhmys, a major Kazakh copper enterprise with roots in the Balkhash smelting complex and the Zhezkazgan mining district. After a substantial restructuring in 2014, the company adopted the KAZ Minerals name and concentrated on a smaller portfolio of open-pit copper operations and growth projects rather than maintaining the broader integrated mining, smelting and power portfolio associated with its predecessor. The company's principal commercial output was copper, generally sold as copper concentrate and, in some operations, copper cathode. It also produced meaningful quantities of zinc, silver and gold as by-products. Its operating portfolio included the Bozshakol and Aktogay development and production projects in Kazakhstan, the Bozymchak mine in Kyrgyzstan, and a group of East Region underground mines and concentrators in Kazakhstan, including Orlovsky, Irtyshsky and Artemyevsky. These assets gave the company exposure to both large-scale open-pit mining and established underground operations. The corporate history reaches back to state-owned Kazakh mining and metallurgical enterprises created after the dissolution of the Soviet Union. The government established OJSC Zhezgazgantsvetmet in 1992, and a series of privatizations subsequently transferred ownership to private investors. Samsung Corporation managed the company from 1995 and acquired a minority stake in 1996, although that interest was later sold. The resulting Kazakhmys group pursued international capital-market access and was admitted to the London Stock Exchange in 2005. During the late 2000s and early 2010s, the group expanded beyond copper mining through interests in power generation and other industrial assets. It arranged major development financing with China Development Bank and sold a 50% interest in the Ekibastuz GRES-1 power station to Samruk-Kazyna in 2010. It also held an interest in ENRC, which it announced it would sell in 2013. These transactions preceded a strategic effort to become a more focused copper producer. In 2014, Kazakhmys transferred a number of mature mining, smelting and power assets in the Zhezkazgan and Central regions to Cuprum Holding, whose principal shareholder was Vladimir Kim. Shareholders approved the restructuring in August 2014, and the conditions were completed on 31 October 2014, with the economic separation taking effect from 1 August. The listed company was then renamed KAZ Minerals PLC. The reorganization left KAZ Minerals focused principally on open-pit copper mining and the development of newer, larger-scale projects. In October 2020, Nova Resources, a consortium led by Oleg Novachuk, announced an offer to acquire KAZ Minerals and take it private at a reported valuation of approximately £3 billion. The acquisition was completed in April 2021. KAZ Minerals therefore ceased to be a London Stock Exchange and Kazakhstan Stock Exchange listed company and no longer operated as an independent public company. The brand is best understood as the former public-company identity of a copper-mining group now owned by Nova Resources.
History
KAZ Minerals emerged from the long industrial history of Kazakhstan's copper sector. Operations connected with the enterprise began at the Balkhash copper smelting complex in 1930, while smelting at the Zhezkazgan Complex began in 1971. Following the end of the Soviet period, the Government of Kazakhstan established OJSC Zhezgazgantsvetmet in 1992. From 1992 to 2002, successive privatizations reduced the state's ownership from the entirety of the company to zero. Samsung Corporation of Korea assumed management of the company in June 1995 and acquired a 40% interest in 1996. Samsung later sold that stake. The business subsequently developed into Kazakhmys, a diversified Kazakh mining and industrial group. In October 2005, Kazakhmys listed on the London Stock Exchange at 540 pence per share. International listing gave the company access to a wider investor base and supported its position as an internationally financed mining group. The group expanded its financial and industrial activities during the late 2000s. In January 2010, it announced the first of two China Development Bank Corporation facilities, with the facilities together totaling $4.2 billion for growth projects. In February 2010, it completed the sale of a 50% stake in the Ekibastuz GRES-1 power plant to Kazakhstan's National Welfare Fund, Samruk-Kazyna, for $681 million. The sale followed an arrangement dating from the purchase of the interest in May 2008. A strategic refocusing followed. On 11 November 2013, Kazakhmys announced the sale of its stake in ENRC. The transaction included an offer of certain Kazakhmys shares to ENRC shareholders and resulted in Kazakhmys becoming a majority free-float company for the first time. In January 2014, the group approved the disposal of its remaining 50% interest in Ekibastuz GRES-1, reinforcing a move toward a pure-play copper-mining identity. The central corporate event came in 2014. Kazakhmys entered into an agreement to transfer mature assets in Kazakhstan's Zhezkazgan and Central regions to Cuprum Holding B.V. Cuprum's principal shareholder was Vladimir Kim. Independent shareholders approved the restructuring on 15 August 2014. All outstanding conditions were satisfied on 31 October 2014, with economic separation treated as effective from 1 August. The transferred portfolio included mining, smelting and power assets, while the remaining listed group concentrated on open-pit copper mining and newer development projects. On completion, Kazakhmys PLC was renamed KAZ Minerals PLC. The resulting company operated copper assets in Kazakhstan and Kyrgyzstan. Its portfolio included the East Region's Orlovsky, Irtyshsky and Artemyevsky underground mines and associated concentrators, the Bozymchak operation in Kyrgyzstan, and major Kazakh projects such as Bozshakol and Aktogay. Copper was the core product, supplemented by zinc, silver and gold recovered as by-products. In October 2020, Nova Resources, a consortium led by Oleg Novachuk, made an offer to acquire KAZ Minerals and take it private. The proposed transaction valued the company at approximately £3 billion. The acquisition was completed in April 2021. KAZ Minerals consequently left both the London Stock Exchange and Kazakhstan Stock Exchange and ceased to exist as an independent listed corporate group. Its history is therefore closely associated with the transformation of Kazakhstan's copper industry from a state-linked, vertically integrated enterprise into an internationally listed and later privately owned copper producer.
- 2021
Acquisition by Nova Resources
[1]Nova Resources completed its acquisition, taking KAZ Minerals private and ending its exchange listings.
- 2014
Corporate restructuring and rebranding
[1]Mature mining, smelting and power assets were transferred to Cuprum Holding, and Kazakhmys PLC was renamed KAZ Minerals PLC.
- 2005
London Stock Exchange listing
[1]Kazakhmys listed on the London Stock Exchange in October at 540 pence per share.
- 1992
OJSC Zhezgazgantsvetmet is established
[1]The Government of Kazakhstan formed OJSC Zhezgazgantsvetmet during the post-Soviet reorganization of the sector.
- 1971
Zhezkazgan smelting begins
[1]Smelting operations commenced at the Zhezkazgan Complex, establishing another historic center of the group's industrial base.
- 1930
Copper operations begin at Balkhash
[1]Operations associated with the later Kazakhmys and KAZ Minerals history began at the Balkhash copper smelting complex.
Products and positioning
A Kazakhstan-focused copper producer combining large-scale open-pit growth projects with established underground mining operations.
Copper products
Copper concentrate
Copper concentrate was the principal saleable output of KAZ Minerals' mining and concentrating operations. Ore from open-pit and underground mines was processed in concentrators to produce a higher-grade material for downstream smelting and refining. Copper concentrate represented the core commercial product of the group's Kazakhstan and Kyrgyzstan operations.
Refined copper
Copper cathode
Copper cathode was produced within the group's copper-processing activities and represented a refined form of copper suitable for industrial use. Its presence reflected the company's historic connection to integrated mining and metallurgical operations, even after the 2014 restructuring reduced the emphasis on legacy smelting assets.
Mining by-products
Zinc, silver and gold by-products
KAZ Minerals recovered and sold significant quantities of zinc, silver and gold alongside its principal copper output. These metals were by-products of ore processing rather than the company's primary strategic focus, but they contributed to the economic value of the mined ore and diversified its metals revenue.
Brand decisions
2020
Offer to take KAZ Minerals privateM&ABackground
Nova Resources, a consortium led by Oleg Novachuk, proposed acquiring the publicly traded copper producer.
Action taken
Nova Resources made an offer in October 2020 to acquire KAZ Minerals in a transaction valued at approximately £3 billion.
Aftermath
The acquisition completed in April 2021, after which KAZ Minerals ceased to be listed on the London Stock Exchange and Kazakhstan Stock Exchange.
Proposed transaction value. Approximately £3 billion (October 2020 offer)
2014
Refocus on copper mining through asset restructuringStrategyBackground
Kazakhmys held a mixed portfolio of mature mining, smelting and power assets, while seeking a more concentrated copper-mining profile.
Action taken
The group transferred selected mature assets in the Zhezkazgan and Central regions to Cuprum Holding and disposed of its remaining interest in Ekibastuz GRES-1. The listed company then changed its name to KAZ Minerals PLC.
Aftermath
The restructured group emphasized open-pit copper mining and newer growth projects in Kazakhstan and Kyrgyzstan.
Recent events
KAZ Minerals updates FY20 production and capital expenditure guidance[3]
Reported:
KAZ Minerals said full-year copper and gold production would be at the top end of their respective guidance ranges, with output now expected to be 2–3% above those ranges. It also said about $100 million of capital expenditure planned for 2020 would be incurred in the first quarter of 2021.
Nova Resources announces offer to acquire KAZ Minerals[4]
Reported:
Nova Resources announced a recommended all-cash offer to acquire KAZ Minerals for £3 billion, offering 640 pence per share. Completion was expected in the first half of 2021 and remained subject to shareholder, regulatory and court approvals.
Sources4 sources
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